Now I can list off the stats for April remarkable 10350 sales compared to 8778 in 2011. Or the average price increase to $517K from $477K in April 2011. Or that we had 2000 more listings in April than a year ago. But what does all this mean?
You turn on the news and we continue to hear conflicting news of a housing bubble or market correction or not. The media is very influential to sway our emotions and mould our thoughts and hence our actions. I wouldn't be surprised many of these new listings are people trying to "cash out" believing the market is crashing. No one knows for certain.
Did you know nearly 25% of the listings sold are Condos and over 86% sold above $200k price tag? Now that was a surprise for me. The number is much higher if you include pre-construction condo sales. The average price for condos is $340K while a detached home was $650K. No wonder new buyers are trending to buy condos or maybe a townhouse to start. For a detached home, one requires significant savings and income even with 5% down payments.
Do I think the Toronto Market will cool? A question I'm asked all the time. I don't see that happening right now for detached homes. At present construction can't meet the demand. But for condos, we are seeing a steadying of prices and the only way Investors will make money, right now, is by the process known as "Builder Appreciation" or holding for a few years after they've closed. The low interest rates are a boon for investors. For those who want to learn to invest we teach this process in small groups, or one on one seminars at our office. Email: invest@realcondo.com to sign up.
3 Month Market Forecast: I see a lot of selling and buying happening. Unless we get a rise in interest rates we should see significant homes exchanging hands, parents helping children buy condos, investors investing and average prices steadying at their current highs.
For those interested in all things CONDOS. Like our page on facebook: www.Facebook.com/realcondo I just set it up yesterday and we will be posting, new projects, assignment sales, condo info, etc.
Once again if you are looking to SELL, INVEST, ASSIGN or BUY a house or Condo.
Then Choose Honesty : Guaranteed Results | Choose Integrity : Team Jas Jagpal
Then Choose Honesty : Guaranteed Results | Choose Integrity : Team Jas Jagpal
Jas Jagpal, Broker at RE/MAX Dynasty Realty Inc. He has formed 2 teams. One specializing in Investing, primarily in condos and the second helping clients sell their houses in the GTA. No matter what your needs are, contact him if you are looking to buy, sell or invest in the Greater Toronto Area.
Choose Results, Honesty & integrity. Choose Team Jas Jagpal. E: jasjagpal@gmail.com O:905.471.0002
Assistant; Buyer Representative: Jess jessjagpal@gmail.com 416.312.9742
Posted via email from Markham Homes for Sale : Markham Condos Real Estate : Investment Pre-Construction Condos
